The IPO Buzz: ROMA’s Wild Ride

One wild ride: Shares of Roma Green Finance, Ltd. (ROMA) closed at $2.90 – down $1.10 or off 27.5 percent from their $4.00 IPO price – after soaring beyond a moonshot in their opening trade today – Tuesday, Jan. 9, 2024 – on the NASDAQ. Volume was about 3.4 million shares. At the first tick, ROMA shares jumped to $10.00 – up $6.00 for a pop of 150 percent from their $4.00 IPO price – at 10:45 a.m. EST today. A moonshot occurs when an IPO’s stock doubles in price – up 100 percent – on its first day of trading as a public company.

ROMA cooled slightly within minutes to trade at $9.00 – up $5.00 or 125 percent from their $4.00 IPO price – on volume of more than 140,000 shares. ROMA retraced some ground, losing a little of the Ziggy Stardust effect by around 11:10 a.m. EST today, trading at $7.92 – up $3.92 or 98 percent – from its $4.00 IPO price. By 1:50 p. m. EST, ROMA dipped closer to earth, trading at $5.41 – up $1.41 or up 35.48 percent from its $4.00 IPO price – on volume of 1.24 million shares.

The ESG-focused company’s micro-cap IPO became the first IPO to get done in 2024. Roma Green Finance, Ltd. (ROMA) priced 3.08 million shares – the number in the prospectus – at $4.00 – the low end of its $4.00-to-$5.00 price range – to raise $12.32 million on Monday night, Jan. 8, 2024. (Note: The new year’s first big IPO – Smith Douglas Homes Corp. (SDHC proposed) – a $150 million deal – is scheduled for pricing on Wednesday night, Jan. 10, 2024 – to trade Thursday, Jan. 11, on the NYSE.)

Spartan Capital Securities was the sole book-runner.

The stock in ROMA’s IPO was offered by the Cayman Islands-incorporated holding company, Roma Green Finance, Ltd., and not by the underlying Hong Kong climate sustainability services business.

Roma Green Finance, Ltd. says it operating subsidiaries in Hong Kong and Singapore provide services focused on ESG, climate sustainability and corporate governance. (ESG stands for environmental, social and governance.)

For the fiscal year that ended March 31, 2023, Roma Green Finance reported a net loss of $130,000 on revenue of $1.75 million, according to financial statements in the prospectus.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.